Required:

1. Record the above transactions in the Stores Ledger using FIFO LIFO, and Weighted Average methods of pricing issues. (16 Marks)
2. Show the cost charged to production for each method. (3 Marks)
3. Comment on the advantages and disadvantages of the methods you have used. (6 Marks)

QUESTION 3 A manufacturing company stores a major component used in its factory. The receipts and issues for the half year to 31 May last are as follows: Date Issued Received December 200 x K 82 January 400 x k100 February 500 March 800 x K104 April 700 May 200 On December 1 there was an operating balance of 200 components valued at K7, 800